Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
12th Edition
ISBN: 9780134490663
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Chapter 3, Problem S3.12SE
Journalizing an
| Learning Objective 3 |
At the end of June, Gerber Dental had performed $9,000 of dental services but has not yet billed customers.
Record the adjusting entry for accrued revenue.
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(Learning Objectives 1, 3: Apply GAAP for proper revenue recognition; accountfor sales discounts) At Uptown Arts, gross sales for the month included:Sales on account (2/10, n/30) $350,000Credit card sales (2% credit card fee) $250,000Half of the sales on account were paid within the discount period; the other accounts were paidin full by the end of the month.Requirements1. Journalize the sales on account, the credit card sales, and the cash payments on accountreceived during the month.2. Calculate the net sales revenue for the month.
Apply what you have learned
Task 8: (Individual/Pair/Group Work)
Snoopy enterprises provides collection services to its customers. year-end adjusting journal entries
are prepared every Dec. 31 as its books are closed. make the appropriate adjusting entry for each of
the ff items:
1. Uncollectible accounts at year-end is estimated to be P6,950.
2. Rent paid last April amounted to P400, 000, one fourth of which has already expired. This
was initially recorded as prepaid rent upon payment.
3. Depreciation expense for its transportation equipment, P6,780
4. Supplies purchased during the year amounted to P4,290, of which one- third has been used
during the year.
5. Unpaid salaries of its cleaners as of December 31 is P7,460.
6. Unearned interest has a balance of P3,120, of which P2,560 has already been
earned during the year. the amount was initially credited to unearned interest
upon collection
Preparing the Adjusting Entries at Year-End
On Nov. 30, 2019, the end of fiscal year, the following information is available to enable
Chapter 6: Adjusting the Accounts 6-39
NAME:
SCORE:
SECTION:
PROFESSOR:
Problem #4
you
to prepare Edgar Detoya Research and Development adjusting entries:
The Supplies account showed a beginning balance of P21,740. Purchases during the
tear were P45,260. The ending inventory revealed supplies on hand of P 13,970.
The Prepaid Insurance account showed the following on November 30:
Beginning balance
July 1
P35,800
42,000
72,720
October 1
The beginning balance represented .the unexpired portion of a one-year policy
nurchased in September 2018. The July 1 entry represented a new one-year policy, and
the Oct. 1 entry is additional coverage in the form of a three-year policy.
C The following table contains the cost and annual depreciation for buildings and
equipment, all of which the entity purchased before the current year:
Account
Cost
Annual Depreciation…
Chapter 3 Solutions
Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
Ch. 3 - Prob. 1QCCh. 3 - Get Fit Now gains a client who prepays S540 for a...Ch. 3 - The revenue recognition principle requires...Ch. 3 - Adjusting the accounts is the process of Learning...Ch. 3 - Which of the following is an example of a deferral...Ch. 3 - Assume that the weekly payroll of In the Woods...Ch. 3 - Prob. 7QCCh. 3 - A equity overstated income statement: expense...Ch. 3 - A worksheet Learning Objective 6 is a journal used...Ch. 3 - On February 1, Clovis Wilson Law Firm contracted...
Ch. 3 - What is the difference between cash basis...Ch. 3 - Which method of accounting (cash or accrual basis)...Ch. 3 - Prob. 3RQCh. 3 - What is a fiscal year? Why might companies choose...Ch. 3 - Under the revenue recognition principle, when is...Ch. 3 - Under the matching principle, when are expenses...Ch. 3 - When are adjusting entries completed and what is...Ch. 3 - What are the two basic categories of adjusting...Ch. 3 - What is a deferred expense? Provide an example.Ch. 3 - What is the process of allocating the cost of a...Ch. 3 - What is a contra account?Ch. 3 - Prob. 12RQCh. 3 - What does accumulated depreciation represent?Ch. 3 - Prob. 14RQCh. 3 - What is a deferred revenue? Provide an example.Ch. 3 - What is an accrued expense? Provide an example.Ch. 3 - What is an accrued revenue? Provide an example.Ch. 3 - What are the two rules to remember about adjusting...Ch. 3 - When is an adjusted trial balance prepared, and...Ch. 3 - Prob. 20RQCh. 3 - What is a worksheet, and how is it used to help...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - If a payment of a deferred expense was recorded...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Comparing cash and accrual basis accounting for...Ch. 3 - Applying the revenue recognition principle...Ch. 3 - S3-4 Applying the matching principle Learning...Ch. 3 - S3-5 Identifying types of adjusting entries...Ch. 3 - Journalizing and posting adjusting entries for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Journalizing and posting an adjusting entry for...Ch. 3 - Prob. S3.11SECh. 3 - Journalizing an adjusting entry for accrued...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Determining the effects on financial statements...Ch. 3 - Preparing a partial worksheet Learning Objective 6...Ch. 3 - Prob. S3A.16SECh. 3 - Prob. S3A.17SECh. 3 - E3-18 Comparing cash and accrual basis accounting...Ch. 3 - Comparing cash and accrual basis accounting and...Ch. 3 - Determining the amount of prepaid expenses...Ch. 3 - E3-21 Journalizing adjusting entries Learning...Ch. 3 - E3-22 Journalizing adjusting entries Learning...Ch. 3 - Journalizing adjusting entries Learning Objective...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Journalizing adjusting entries and posting to...Ch. 3 - Preparing an adjusted trial balance Learning...Ch. 3 - Identifying the impact of adjusting entries on the...Ch. 3 - Journalizing adjusting entries and analyzing their...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Using the worksheet to prepare the adjusted trial...Ch. 3 - Understanding the alternative treatment of prepaid...Ch. 3 - Understanding the alternative treatment of...Ch. 3 - Journalizing adjusting entries and subsequent...Ch. 3 - Journalizing adjusting entries and identifying the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Journalizing and posting adjustments to the...Ch. 3 - Using the worksheet to record the adjusting...Ch. 3 - Prob. P3A.38APGACh. 3 - Prob. P3.39BPGBCh. 3 - P3-40B Journalizing adjusting entries and...Ch. 3 - P3-41B Journalizing and posting adjustments to the...Ch. 3 - Prob. P3.42BPGBCh. 3 - Prob. P3.43BPGBCh. 3 - Prob. P3A.44BPGBCh. 3 - Using Excel to journalize and post adjusting...Ch. 3 - Prob. P3.46CPCh. 3 - Prob. P3.47PSCh. 3 - Tying It All Together Case 3-1
Before you begin...Ch. 3 - One year ago, Tyler Stasney founded Swift...Ch. 3 - Prob. 3.1EICh. 3 - Prob. 3.1FCCh. 3 - Prob. 3.1FSC
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- Sage Learning Centers was established on July 20 to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardSage Learning Centers was established on July 20, 2016, to provide educational services. The services provided during the remainder of the month are as follows: Instructions 1. Journalize the transactions for July, using a single-column revenue journal and a two-column general journal. Post to the following customer accounts in the accounts receivable ledger, and insert the balance immediately after recording each entry: D. Chase; J. Dunlop; F. Mintz; T. Quinn; K. Tisdale. 2. Post the revenue journal and the general journal to the following accounts in the general ledger, inserting the account balances only after the last postings: 3. a. What is the sum of the balances of the customer accounts in the subsidiary ledger at July 31? b. What is the balance of the accounts receivable controlling account at July 31? 4. Assume Sage Learning Centers began using a computerized accounting system to record the sales transactions on August 1. What are some of the benefits of the computerized system over the manual system?arrow_forwardGuardian Carpets Incorporated provided the following accounts related to beginning balances in its accounts receivable and allowance accounts for the current year: Accounts Receivable Beginning Balance 6,000,000 Allowance for Uncollectible Accounts 2,000,000 Beginning Balance Question content area top right Part 1 Requirement Prepare the journal entries to record the following transactions that occurred during the current year. Prepare a schedule for both accounts receivable and the allowance for uncollectible accounts that shows the beginning balances, the various items that change the beginning balance, and the ending balance. Question content area bottom Part 1 Prepare the journal entries to record the following transactions that occurred during the current year. (Record debits first, then credits. Exclude explanations from any journal…arrow_forward
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